Mena News

 

  Saudi's Naimi says global oil supply ample, demand good
Dec , 19 , 2012  
  Both producers and consumers are happy with current crude oil prices and fundamentals, top exporter Saudi Arabia's oil minister Ali Al-Naimi said, adding that given the balance speculators should leave the market alone. "You know my desire is that people leave the market alone," Naimi told Reuters in an interview in Seoul. "You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices."
 

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  Saudi Aramco, Total to double investment at Jubail site
Dec , 19 , 2012  
  Saudi Aramco said its oil refinery joint venture with France's Total will double capital investment to SAR7.12bn (USD1.90bn) at Jubail, the largest industrial city in the region. Saudi Aramco Total Refinery and Petrochemicals Company (SATORP) will increase spend at the site from SAR3.56bn in the first-quarter of 2013, according to a statement on the Saudi bourse website.
 

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  UK November inflation unexpectedly stays at highest since May
Dec , 19 , 2012  
  British inflation unexpectedly remained at its highest level since May in November. The Office for National Statistics said that annual consumer price inflation held at 2.7 percent after a surprise jump in October, compared to economists' forecasts for a dip to 2.6 percent. A fall in petrol prices was not enough to outweigh price rises for other items, such as food, particularly bread and potatoes, the ONS data showed.
 

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  U.S. current account deficit smallest in nearly two years
Dec , 19 , 2012  
  The U.S. current account deficit shrank to its narrowest in nearly two years in the third quarter as weak domestic demand and lower oil prices curbed imports. The Commerce Department said the current account gap, which measures the flow of goods, services and investments into and out of the country, fell to USD107.5bn, the lowest level since the fourth quarter of 2010, from USD118.1bn in the second quarter. That represented 2.7 percent of gross domestic product, the smallest share since the second quarter of 2009, and down from 3.0 percent in the second quarter.
 

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  Investcorp buys U.S. real estate assets for USD100mn
Dec , 19 , 2012  
  Investcorp said it acquired five real estate assets in the United States for around USD100mn. The property purchase, which includes 1,900 residential units in Houston, Texas, is the company's second real estate investment in the United States in 2012 after buying four properties in the state earlier this year.
 

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  Saudi Maaden raises USD2.4bn from Islamic loan
Dec , 19 , 2012  
  Saudi Arabian Mining Co (Maaden), which has an aluminium joint venture with Alcoa, raised SAR9bn (USD2.4bn) through an Islamic loan facility to help fund its future projects, it said. The murabaha-structured revolving credit facility has a life of five years and was increased from the SAR7bn initial target amount which the bank announced in June, Maaden said in a bourse statement. In all, commitments from the banks covered the facility's final amount by 2.5-times, the statement said.
 

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  Gulf Bank, CBK ink loan deal for Jazeera Airways
Dec , 19 , 2012  
  Gulf Bank & Commercial Bank of Kuwait announced the signing of the loan documentation for a Structured Finance Transaction for Jazeera Airways Group ( Jazeera Airways ), whereby Gulf Bank was appointed Exclusive Mandated Lead Arranger by Jazeera Airways . The Kuwaiti Dinar financing was split between Gulf Bank , playing the role of Mandated Lead Arranger, Lender, Agent and Security Agent, and Commercial Bank of Kuwait ( CBK ), who participated as Lender on an equal basis.
 

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  Iran Oil Revenues Halved By Sanctions - Economy Minister
Dec , 18 , 2012  
  Iran is losing half of its oil revenues because of international sanctions imposed over its disputed nuclear program, Economy Minister Shamseddin Hosseini said in remarks quoted by media. Hosseini put down the loss to difficulties in repatriating oil money.
 

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  Brent rises above USD108 on hopes U.S. will resolve budget crisis
Dec , 18 , 2012  
  Brent crude rose above USD108 a barrel on early Tuesday, December 18, on expectations of a revival in demand growth as the United States made progress in talks to resolve a budget crisis that threatens to dip the world's top oil consumer into recession again.
 

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  China November home prices fall 0.7 percent YoY
Dec , 18 , 2012  
  Average new home prices in China's 70 major cities fell 0.7 percent from a year earlier, according to Reuters calculations based on official data published, a ninth straight month of YoY decline. In MoM terms, however, prices rose for the fourth month in the last five, gaining 0.3 percent in November. The National Bureau of Statistics said new home prices in Beijing rose 0.7 percent in November from a year earlier, compared with October's YoY decline of 0.2 percent.
 

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